The Fed left its base rate unchanged while assessing how a series of policy changes by the Trump administration on trade, immigration, spending and taxes could reshape the economic outlook, writes Nick Timiraos, the Fed's mouthpiece. Consumer confidence has slumped in recent weeks amid headlines of federal spending cuts and tariff increases. "We think now is a good time to wait for further clarity," Fed Chairperson Jerome Powell said at a news conference on Wednesday. Investors were cheered by Powell's lack of a more aggressive stance on potential tariff-related price increases. The Dow closed up 0.9 percent, while the S & P 500 and Nasdaq both rose more than 1 percent.